Investment Rating - The report gives a "Buy" rating for the company, indicating an expected relative return of over 20% within six months [39][42][78]. Core Insights - The company has shown significant growth in revenue and profit, with a compound annual growth rate (CAGR) of 51.51% in revenue from 2018 to 2023, increasing from 116 million to 926 million [54][70]. - The gross profit margin has remained high, with a gross margin of 76.15% in 2023, benefiting from increased revenue from high-margin products in the analog circuit segment [54][70]. - The company is positioned well in the domestic market for both digital and analog integrated circuits, with a strong focus on research and development [54][78]. Summary by Sections Financial Performance - The company's revenue is projected to grow from 1.11 billion in 2024 to 1.82 billion in 2026, with corresponding net profits of 373 million and 635 million respectively [55][78]. - The gross profit margin is expected to remain stable at around 75% to 74% from 2024 to 2026 [36][78]. Market Position - The digital integrated circuit market is expected to grow significantly, with a CAGR of 15.06% from 2018 to 2022, driven by advancements in AI, IoT, and 5G technologies [77][78]. - The company has a leading position in the FPGA and CPLD sectors, having participated in national technology projects that enhance its competitive edge [78]. Product Development - The company focuses on high-performance FPGA, high-speed ADC, and adaptive intelligent SoC, with significant investments planned for R&D and product testing capabilities [76][78]. - The analog integrated circuit market is dominated by foreign companies, presenting a substantial opportunity for domestic players to capture market share [22][78]. Customer Base - The company primarily serves large group clients in specialized fields, which influences payment cycles and cash flow management [43][78]. R&D Investment - The company maintains a high R&D expense ratio, consistently above 20%, reflecting its commitment to innovation and product development [4][78].
成都华微：深耕集成电路领域数十年厚积薄发，国产特种芯片龙头冉冉升起